African Union 4.1 Conceptual Framework In the AU Declaration on Democracy, Political and Economic Governance, African countries recognise that the principles of “good economic governance including transparency in financial management are all essential prerequisites for promoting economic growth and reducing poverty”. Therefore the establishment and consolidation of strong economies that can produce the wealth needed for investment in infrastructure and profit-making enterprises is fundamental. It is also equally important that such economies are organised and managed so as to ensure that the benefits of their expansion are broadly distributed across the population on a sustainable basis, taking into account the needs of both society and the environment. To achieve these outcomes, appropriate governance interventions are necessary, including the creation of an economic policy environment that encourages growth, investment and regional integration, and whose ultimate object is the transformation of the lives of all the citizens for the better. While Economic Governance and Management should be understood as multi-pronged, this theme focuses on the actions, policies and programmes that the relevant economic authorities (in particular, the state, regulatory agencies, and to a lesser extent businesses and business organisations) are adopting and implementing in managing the economy. This is done with an understanding that a dynamic economy is not sufficient in itself; that it must be complemented by appropriate systems and institutions that ensure the smooth functioning of markets, the combating of corruption, the regulation of capital flows and the equitable distribution of wealth to meet the needs of the people. In addition, the full and meaningful involvement of the citizens in the conceptualisation, formulation and implementation of these policies is a central principle that promotes shared ownership of the economy. This in turn is a major factor in ensuring success and growth. This Economic Governance and Management assessment therefore looks at the state of countries‟ economies, beginning with the overall policy trajectory or vision, and the principles that underlie it. General Guidance Where the material under review in this Theme intersects with that of another Theme, respondents are advised to think about the strictly economic, as opposed to the social political or other dimension of the issue. In general, the questions follow one of two dimensions: an investigative dimension, which looks for information as it exists; and an interpretive dimension, which asks for the views of respondents. Respondents are encouraged to supply their opinions on these matters and to supply whatever evidence they may have to support their contentions. 4.2 Standards and Codes An important aspect of the assessment is adherence of countries to a set of agreed standards and codes of practice that embody the objectives and aspirations of what the APRM seeks to help them achieve under this Theme. These are embodied treaties, conventions and other codes (regional, continental and international) that commit countries to legislate, promulgate policies or otherwise act to promote the objectives of Economic Governance and Management. The purpose of this section therefore is to assess the agreements to which countries have adhered to (acceded and/or signed, ratified, translated and integrated into their national legal and policy instruments) and are implementing (including reporting on) these agreements. 26